CBN Increases BDC Weekly Supply To $50,000

The Central Bank of Nigeria (CBN) has increased the weekly supply of Bureau De Change (BDC) operators from licensed banks from 30,000 dollars to 50,000 dollars.

Mr Kennedy Uzoka, Group Managing Director (GMD) United Bank for Africa (UBA), disclosed this on Tuesday in Abuja while addressing a media conference on the outcome of the 328th Bankers’ Committee meeting.

He said that the increase was necessary based on the present prevailing circumstances where the available Forex in the market was not sufficient to meet the needs of Nigerians.

The News Agency of Nigeria (NAN) reports that the CBN had recently issued a circular directing that banks that have been approved as International Money Transfers Operators (IMTSO) should sell foreign currency to the tune of 30, 000 dollars per week to licensed BDC operators.

Uzoka said that before the increase was made, there were lots of consultations by the CBN and the Bankers’ Committee based on the feedback received from the market which necessitated the increase.

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CBN Increases BDC Weekly Supply To $50,000

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